Macau’s tourist price index recorded a year-on-year decrease of 1.39 percent in the second quarter of 2019, according to the latest data released on Monday by the city’s Statistics and Census Service.
The index reflects price changes in goods and services typically purchased by visitors but excludes gaming. Tourists account for the majority of the gamblers in Macau’s casinos.
The statistics bureau said the year-on-year decrease in the tourist price index for the second quarter was mainly related to “lower charges for hotel accommodation” and also “falling prices of handbags and ladies’ clothing”.
The price index covering accommodation, recorded a 8.39-percent decrease year-on-year in the three months to June 30, while that for clothing and footwear was down by 3 percent year-on-year, stated the Statistics and Census Service.
A separate set of data released recently by the Macao Government Tourism Office – citing figures from the Macau Hotel Association – showed that the average room rate of the city’s three-star to five-star hotels dropped by 1.2 percent year-on-year to MOP1,312 (US$163) for April but rose by nearly 10 percent year-on-year to MOP1,371.70 for May. The latter month opened with a holiday period in China that encompasses Labour Day.
Judged quarter-on-quarter, Macau’s tourist price index for the three months to June 30 went down nearly 7.15 percent compared with the first quarter quarter. What the statistics bureau termed in its Monday announcement a “marked decrease” in the city’s hotel room rates after the Lunar New Year vacation period in early February this year was a major factor. The price index for hotel accommodation recorded a nearly 32-percent sequential dip in the second quarter compared to the first, the bureau stated.
Judged on an annualised basis – i.e., measured across the 12 months to June 30 this year compared to the equivalent prior period – the index was down by 0.44 percent.
Sep 24, 2020Las Vegas Sands Corp (LVS) has agreed with one of its lenders that the casino firm will, for the time being, not declare or pay any dividends unless it has more than US$1.0 billion in liquidity. In...
”Despite the re-opening of the integrated resort [Okada Manila], we believe there are significant risks to the segment’s recovery in view of travel restrictions, potential new outbreaks and further lockdowns that could weigh on earnings and cash flows”